Despite a 2pc dip in the number of professional job opportunities in Ireland, demand for IT professionals exceeds available supply and job opportunities in the IT sector remain buoyant, according to a new Morgan McKinley Irish Employment Monitor.
The latest Morgan McKinley Irish Employment Monitor registered a slight decline (2pc) in the number of new professional job opportunities from July 2011 (7,900) to August 2011 (7,767).
However, the number of new professional jobs available in August 2011 continued the trend of being considerably higher (47pc) than the same month last year (5,300).
With regard to new professional job seekers in the Irish market, the Employment Monitor recorded a 19pc increase, from 9,210 in July 2011 to 10,965 in August 2011. There was a negligible decrease (1pc) when compared to the same month last year, when 2011,070 people were looking for new professional job opportunities.
“The latest figures are as expected; August is traditionally a subdued month for the Irish professional jobs market as many hiring managers and job seekers take time off over the holiday period,” Karen O’Flaherty, chief operations officer, Morgan McKinley, explained.
“This slowdown was also set against a backdrop of global financial volatility. These conditions were reflected by a slight dip (2pc) in the number of new professional jobs available compared to July 2011, however increased momentum in the second half of the month was cause for cautious optimism,” she said.
Irish IT market continues to set the pace
“The IT market continues to set the pace – demand for IT professionals in design and development currently exceeds supply in many areas, and companies with slower recruitment processes are currently at risk of losing out on top talent,” O’Flaherty continued.
“New IT jobs coming onto the market in August 2011 were from a healthy mix of multinational corporations and indigenous companies, to support a variety of start-up and ramp-up projects.
“Confidence is also building within the accounting and finance market and there was an improvement in the quality and volume of job roles in August 2011. There was a significant pick up in demand for recently qualified accountants and sustained demand for qualified accountants with two to five years’ experience, particularly those with proven audit, compliance and regulatory experience.
“This was a strong build up to what looks to be a very positive September for this area of the hiring market.
“August 2011 was a challenging month for the financial services sector as uncertainty in the market and several global redundancy announcements from world banks produced a ‘knee jerk’ effect in Ireland.
“With four months still to go in 202011 and a real lack of clarity on how the rest of the year will play out, some financial institutions withdrew or froze new roles, or adjusted their strategies to focus on more flexible temporary and contract positions.
“The number of professionals seeking new career opportunities increased by 19pc from July 2011 to August 2011. The majority of this pick up was in the second half of the month, which is hopefully predictive of a busier hiring market in September 2011,” O'Flaherty said.